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Account safety and securityare important to you,so they’re important to us

Protecting your assets is our priorityYou can feel confident when you do business with Merrill. Your securities are safe, thanks to a combinationof our internal safe security-holding practices and compliance with regulatory requirements. In fact,whether your account value is 50,000, 50 million or more, we believe there’s no safer place for youto hold your securities than in your Merrill account.Your securities are held securelyYour securities accounts are protectedYour securities are held in compliance with the Securitiesand Exchange Commission (SEC) rules and regulations forthe protection of customers. Fully paid and non-marginedsecurities are maintained in a location that has the controlsrequired by the SEC to protect securities, such as theDepository Trust Company (DTC), a federally regulatedorganization owned by all the major brokers and banks inthe U.S., or through the Federal Reserve Bank System.Your accounts are protected by the Securities InvestorProtection Corporation (SIPC), a membership corporationestablished by Congress in 1970. In the unlikely eventof Merrill Lynch, Pierce, Fenner & Smith Incorporated’s(MLPF&S’s or Merrill) financial failure, SIPC funds areavailable to make up any shortfall in your assets — up toa maximum of 500,000 for securities, inclusive of up to 250,000 for cash. You can find information about theSIPC at sipc.org.When you ask us to deposit securities certificates, weimmediately forward them to DTC in New York. DTCcancels the certificates and adds the shares to thesegregated securities that DTC holds for Merrill clients.We then provide you with account statements that reflectyour holdings.MLPF&S has obtained private insurance coverage from aLloyd’s of London syndicate to provide additional protectionfor very large client accounts. For customers who havereceived the full SIPC limits, further protection (including upto 1.9 million for cash) is provided by this policy, subject toan aggregate loss limit of 1 billion for all customer claims.A similar practice protects your international holdings.Any non-U.S.-issued securities are held at major foreigndepositories or at local foreign financial institutionsapproved as custodians by the SEC.Your assets held at Merrill are protected by the SIPC,while your bank deposits are protected by the FederalDeposit Insurance Corporation (FDIC).This modern system of holding securities has provedto be safe, efficient and cost-effective.Please note: Your money market funds and Merrill banksweep deposits are not considered “cash” for purposes ofaccount protection. Rather, money market funds receive SIPCand excess-SIPC protection as securities, and Merrill banksweep deposits are protected by FDIC insurance.It’s important to note that your securities are legallyyour property, not ours. They are not on our balancesheet and are not exposed to claims of our creditors.Your Trust Management Accounts (TMAs) receiving fiduciaryservices from Bank of America Private Bank receive thesame SIPC and excess-SIPC protection as your otheraccounts at MLPF&S.SIPC protection is up to 500,000 (including cash claims limited to 250,000). All protection limits are per customer account. SIPC coverage does not protect against a decline inthe market value of securities. Explanatory brochure is available upon request at sipc.org.Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or providedby companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of BofA Corp.Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investmentadvisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the feescharged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible loss of principal investment.The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC,and other affiliated banks.Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of BofA Corp.Investment products:Are Not FDIC InsuredAre Not Bank Guaranteed2May Lose Value

FDIC protection for bank depositsIf a banking institution were to fail, the FDIC, in the eventof any shortfall, would make payment of insured depositsto all of the banking institution’s depositors as soon aspossible. Those depositors who had funds in excess ofthe insurance limits would receive the insured portionof their funds and might also receive a portion of theiruninsured funds.Under the Merrill Lynch Bank Deposit Program (the “MLBDProgram”) and the Retirement Asset Savings Program (the“RASP Program”), balances you have at Bank of America,N.A., and Bank of America California, N.A., are insured bythe FDIC. The FDIC is an independent agency establishedby Congress in 1933 to help provide stability to ournation’s financial system. In the unlikely event ofany bank’s insolvency, interest and principal are fullycovered by FDIC insurance, up to 250,000 per customer,per ownership category, at each banking institution.Because the MLBD and RASP Programs each use twobanks, each individual depositor currently receives up to 500,000 of FDIC insurance. For additional informationabout the FDIC, visit fdic.gov.About MerrillWith Merrill, you benefit from the global resources available through Merrill Lynch, Pierce, Fenner & SmithIncorporated, including industry-leading capabilities and a diverse range of financial services.Merrill is one of the world’s leading wealth management companies. With a network of more than 15,000 Merrill advisorsaround the world and 2.1 trillion in client balances (as of December 31, 2018),1 we remain one of the largest financialservices companies doing business in the global marketplace today. Merrill is a U.S. broker-dealer registered with the SEC.It continues to be one of the most respected securities firms in the U.S.3

We adhere to strict regulatory rulesto ensure the protection of your assetsAs a registered broker-dealer, Merrill is subject to the comprehensive and stringent rules of the SEC.The rules mandate customer protection, financial responsibility and record keeping.Customer protectionFinancial responsibilityThe SEC’s Customer Protection Rule is the primaryregulatory safeguard of client assets held at U.S.-registeredbroker-dealers. The rule requires us to safeguard yoursecurities and cash to protect them from any risks involvingthe business activities of the Firm. We accomplish this,in part, through the use of segregated accounts for ourclients’ securities at the major depositories.The cornerstone of the SEC’s broker-dealer financialresponsibility program is its Net Capital Rule. This ruleis designed to ensure that broker-dealers have sufficientcash and other readily marketable assets to meet allof their financial obligations to customers at all times.With ample capital resources and prudent businessmanagement, we have always met this strict regulatorycapital requirement with substantial excess capital to spare.Record keepingOversight of regulatory complianceMerrill is diligent in fulfilling the SEC’s record-keepingrequirements. SEC rules require us to maintaincomprehensive and accurate records, including those thatdemonstrate compliance with the Customer Protectionand Net Capital rules. In order to ensure maximumavailability of information about clients, their assets andtheir transactions, we maintain multiple copies of recordsand transactions of all clients through our sophisticatedinformation systems. These copies are safeguarded invarious sites throughout the U.S.All broker-dealers are subject to continuing oversight andannual examination by the Financial Industry RegulatoryAuthority (FINRA), the Firm’s primary examining authority.SEC rules also require that our financial statements andoperational systems and procedures undergo an annualaudit by our independent accounting firm.Merrill maintains internal audit, compliance, and creditand risk management staffs that continually monitorregulatory compliance and assist us in meeting allSEC and other regulatory requirements. Although U.S.regulatory requirements apply only to MLPF&S, anddifferent regulatory requirements may apply to localaccount-carrying affiliates in various countries, Merrillstrives to maintain the same high standards of customerprotection and financial responsibility throughout itsglobal organization.Whether you contact us through your Merrill advisor,one of our geographically dispersed service centersor one of our internet sites, we assure you that youraccount information will be safe and available.Helping you achieve your goals has always been our goal. That’s why clients have been at the center of everythingwe do for more than 100 years. Rest assured that we are deeply aware of our responsibility to ensure the securityof your assets.4